Bitcoin levels off after eight days of upward movement
Bitcoin’s eight day win streak yesterday came to an end, closing yesterday slightly down on where it started. However, the price of the leading cryptocurrency is, essentially, unmoved after another largely flat day, continuing to hover at just above the $47k mark.
The news comes as inflation issues continue to spread around the world, with German inflation rising to its highest rate for 40 years as energy prices in the country soar. European Central Bank president Christine Lagarde yesterday warned that Russia’s war in Ukraine was delivering a “supply shock” to the eurozone economy.
Despite the news, global markets were looking up today. European shares opened higher after yesterday’s declines. The FTSE 100 index is 0.2 per cent higher at 7,594 and Germany’s Dax rose 0.6 per cent.
Ethereum too is slightly up on yesterday morning, currently changing hands for around $3,400. Things are hotting up further down the crypto rankings too, with the likes of Uniswap, Tron and Solana all seeing price increases of almost 10 per cent over the past 24 hours. Is the appetite for risk among investors returning?
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Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2.153 trillion, up from $2.141 trillion yesterday.
What Bitcoin did yesterday
We closed yesterday, March 30 2022, at a price of $47,062.66, down from $47,465.73 the day before. The daily high yesterday was $47,655.15 and the daily low was $46,746.21.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $895.54 billion. To put it into context, the market cap of gold is $12.265 trillion and Tesla is $1.13 trillion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $28.304 billion, down from $32.649 billion yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
Volatility
The price volatility of Bitcoin over the last 30 days is 43.88%.
Fear and Greed Index
Market sentiment today is 52, in Neutral.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 42.22. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 68.63. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Convince your Nan: Soundbite of the day
“Bitcoin mining could stabilise the electricity grid and help families save money.”
Kentucky Representative, Angie Hatton
What they said yesterday
Saylor has a way with words…
When you know, you know…
It’s spreading…
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Crypto AM: Features
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto on the catwalk
Crypto AM: Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City PM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:00 BST